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Total Gabon Announces Financial Results for Fiscal Year 2006

Source: www.gulfoilandgas.com 3/20/2007, Location: Africa

Total Gabon approved the final accounts for the year ended December 31, 2006. Net income in 2006 was $326.4 million, compared to $316.8 million in 2005.

The oil production of the fields operated by Total Gabon amounted to 30.9 million barrels in 2006, compared to 35.7 million the previous year. Total Gabon’s share of the operated and non-operated oil produced (including the tax oil reverting to the Republic as per the profit sharing contracts) amounted to 24.4 million barrels in 2006, compared to 28.1 million barrels for fiscal year 2005, representing roughly 28% of the country’s total crude oil production.

Revenues amounted to $1,279.3 million, representing an increase of 12.1%, or $138.4 million, compared to fiscal year 2005. The decline in the volumes sold was more than offset by higher prices for the crude oil marketed by Total Gabon, which averaged $59.08 per barrel in 2006 compared to $48.04 per barrel in 2005. Operational costs increased 15.9% to $977.6 million in 2006 due to the continuation of significant drilling and development activities, the ongoing program of large maintenance projects and higher oil service costs across the industry.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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